It is also looking to raise funds through a mix of debt and equity, with about $7-10 million coming from equity and the rest as debt
Hyderabad-based lithium-ion battery pack manufacturing firm Cygni Energy Private Limited is looking to invest about $40 million (over Rs 300 crore) to set up a greenfield manufacturing plant near Hyderabad.
The company’s chief executive officer Venkat Rajaraman told ET that the new plant will have the capacity to put together around 40,000 batteries a year which will quadruple the battery pack makers’ manufacturing capacity. Cygni has an existing annual capacity of 250 megawatt-hour, which is currently not being utilised fully.
It is also looking to raise funds through a mix of debt and equity, with about $7-10 million coming from equity and the rest as debt.
The batteries are used for electric vehicles (EVs) and stationary applications like telecom towers. The company has so far sold about 125 megawatt-hour of batteries since 2017, which is equivalent to about 60,000 EV batteries.
“India’s energy storage revolution is happening,” Rajaraman, who is also Cygni’s founder, told ET. “The prediction is that we are going to need upwards of 50 gigawatt-hour of storage requirement in the next 5-7 years. So clearly what Cygni and others are setting up, it looks like we would still fall short of that.”
Cygni has about 16 different battery packs for electric two- and three-wheelers, of which eight have already been approved by local testing agencies.
